4 ms·

Does that include property tax, sales tax, and smaller (but still impactful) taxes like alcohol tax? The actual number, as a percentage of your income, that yo

• lsc 9y ago
  If you are paying 50% of your income as taxes in the US, you are making enough money that you shouldn't be complaining about college being expensive. And... there's a weird hump, because capital gains are taxed at a much lower rate. in that bracket, you have the very top end of those who work as employees, and small business owners who end up having to pay income tax on their profits. Much above that and most of your income is usually in the form of capital gains, and thus taxed less.
  • eggy 9y ago
    I take @rubicon33's point that even if you make $40,000 a year, and your income tax works out to be 20-25%, you still pay 8.875% in NY for sales tax, and the other taxes. Looking at it that way, you pay over 35% or more when all is said and done. You are taxed on previously taxed income.